Chennai: Driven by need and denied help, India developed its own super computers, learnt to put satellites in space and mastered the pressurised heavy water reactor nuclear technology. While these do not make India a scientific super power, they do fetch the country a measure of respectability.
Now, the same need is driving India to the cutting edge of technologies in another field — power transmission.
The 400-km distance between Wardha and Aurangabad may not be very long, but the cables which connect the two cities in Maharashtra will, in a couple of years, have the distinction of being the world’s highest capacity power transmission line. At present, it is “charged to 400 kV” but when the Power Grid Corporation of India is ready, the capacity of the line will be raised to 1,200 kV. Nowhere in the world does a 1,200-kV line exist, partly because other countries do not need such high capacity lines. China, another country of distances, which does need ultra high voltage transmission, has a 1,100 kV line in commercial operation.
The Wardha-Aurangabad transmission system takes off from a 2 km-long pilot line that the public sector PGCIL has been experimenting in Bina, Madhya Pradesh. The pilot was to study how electrical systems behave when a current of 1,200 volt zips through them.
The ultra high voltage (UHV) systems have one significant advantage — they can carry more power. This is crucial in a country where laying new lines is a challenge because of ‘right of way’ problems.
“UHV is an evolving technology, specially initiated by countries with large surface areas like China and India,” says John Yesuraj, Deputy General Manager, Design and Technology, Crompton Greaves Ltd. “India’s ambition of 1,200 kV system, which would be a step greater than China’s 1,100 kV, is now widely discussed in international technical forums across the world,” Yesuraj told Business Line.
Cromption Greaves recently announced the setting up of a Rs 40-crore ‘UHV lab’ to test how well the various transmission equipment can withstand electrical stress when current of very high voltage, up to 1,600 kV, passes through it. The lab will enable local manufacture of UHV products, substituting costly imports.
In the meantime, Power Grid Corporation is all set to begin research into superconducting transmission systems. Superconductivity has been in physics books for long, but is yet to come into reality. Basically, if you pass electricity through a wire, the wire resists the flow and this resistance heats up the wire and some energy is lost as this heat. A superconducting system keeps the cable under extremely low temperatures, so low that making it possible at temperatures of -135 degrees Celsius is called ‘high temperature super conductivity’. The challenge is, of course, to keep the cable so cold but if you get it right, there will be practically no transmission losses.
Power Grid Corporation will soon be set up a research centre in collaboration with IIT Kharakhpur, the company’s Director-Operations, I. S. Jha, said
Success in my Habit
Tuesday, December 10, 2013
Saturday, December 7, 2013
Hero ties up with Italy's Magnetti Marelli to boost research capability
New Delhi: Hero MotoCorp, the country’s largest two-wheeler maker, on Tuesday announced a joint venture with Italy’s Magnetti Marelli for developing powertrains and next-generation electronic fuel-injection systems.
The companies will invest $8.5 million over the next three years and a total of $27 million over 10 years in the joint venture, HMC-MM Auto Ltd. Hero will hold 60 per cent stake in the venture, while the remaining will be with Magnetti Marelli.
Pawan Munjal, managing director and chief executive, Hero, said, “This development will help the cause of Hero engines, improve our products and help meet environmental regulations.”
He added the venture would start manufacturing by the end of next year and was targeting $200 million in turnover in 10 years.
The venture might also supply components to other manufacturers, Munjal said.
The companies will invest $8.5 million over the next three years and a total of $27 million over 10 years in the joint venture, HMC-MM Auto Ltd. Hero will hold 60 per cent stake in the venture, while the remaining will be with Magnetti Marelli.
Pawan Munjal, managing director and chief executive, Hero, said, “This development will help the cause of Hero engines, improve our products and help meet environmental regulations.”
He added the venture would start manufacturing by the end of next year and was targeting $200 million in turnover in 10 years.
The venture might also supply components to other manufacturers, Munjal said.
Tata Motors to invest £30 m for research in UK
Mumbai: As part of its commitment for long-term R&D in the UK, Tata Motors Ltd will invest about £30 million (a little over Rs 300 crore) in the National Automotive Innovation Campus (NAIC).
The investment would be made through its subsidiary Tata Motors European Technical Centre (TMETC) at the University of Warwick campus, the company said in a statement.
“This investment constitutes the next step in Tata Motors’ strategy to develop world class products for its global customers and TMETC plays a significant role in that plan. Our teams in India and in the UK complement each other in academic excellence and product experience, and we see the UK as a global hub for innovative and low carbon automotive technologies, which will benefit our customers,” said Tim Leverton, Head of Advanced Engineering and Product Development for Tata Motors.
The investment would be made through its subsidiary Tata Motors European Technical Centre (TMETC) at the University of Warwick campus, the company said in a statement.
“This investment constitutes the next step in Tata Motors’ strategy to develop world class products for its global customers and TMETC plays a significant role in that plan. Our teams in India and in the UK complement each other in academic excellence and product experience, and we see the UK as a global hub for innovative and low carbon automotive technologies, which will benefit our customers,” said Tim Leverton, Head of Advanced Engineering and Product Development for Tata Motors.
ECB route allowed for funding infra projects
Mumbai: To strengthen the flow of resources to the infrastructure sector, the Reserve Bank of India has permitted holding companies / core investment companies to raise resources via the external commercial borrowing (ECB) route.
The ECB should be for project use in special purpose vehicles (SPVs), subject to terms and conditions.
Among the terms and conditions, the RBI specified that the business activity of the SPV should be in the infrastructure sector; and the infrastructure project is required to be implemented by the SPV established exclusively for implementing the project.
Further, the ECB proceeds should be utilised either for fresh capital expenditure (capex) or for refinancing of existing rupee loans (under the approval route) taken from the domestic banking system for capex.
ECB for the SPV can be raised up to three years after the commercial operations date of the SPV.
The SPV should give an undertaking that no other method of funding, such as trade credit (if for import of capital goods), will be utilised for that portion of fresh capital expenditure financed through ECB proceeds.
In the case of holding companies that come under the RBI’s core investment company (CIC) regulatory framework, the central bank has specified additional terms and conditions for raising ECB for project use.
The ECB should be for project use in special purpose vehicles (SPVs), subject to terms and conditions.
Among the terms and conditions, the RBI specified that the business activity of the SPV should be in the infrastructure sector; and the infrastructure project is required to be implemented by the SPV established exclusively for implementing the project.
Further, the ECB proceeds should be utilised either for fresh capital expenditure (capex) or for refinancing of existing rupee loans (under the approval route) taken from the domestic banking system for capex.
ECB for the SPV can be raised up to three years after the commercial operations date of the SPV.
The SPV should give an undertaking that no other method of funding, such as trade credit (if for import of capital goods), will be utilised for that portion of fresh capital expenditure financed through ECB proceeds.
In the case of holding companies that come under the RBI’s core investment company (CIC) regulatory framework, the central bank has specified additional terms and conditions for raising ECB for project use.
M&A rules for telecom cleared
EGoM also raises quantity of spectrum to be auctioned
New Delhi: In a move likely to encourage consolidation in the telecom sector, an empowered group of ministers (EGoM) on Tuesday cleared the much-awaited final merger & acquisition (M&A) guidelines for the sector.
Also, in a happy surprise for operators, the EGoM decided to increase the quantum of 1,800-MHz spectrum to be put up for auctions in January to 403 MHz, an addition of 118 MHz, or 41.4 per cent, to what it had proposed earlier. The addition also means that an average 18 MHz of spectrum will be up for sale in each circle - enough for three to four operators.
"An acquirer will have to pay the differential between the auction-determined market price and the administrative price for anything beyond 4.4 MHz in the GSM band and 2.5 MHz in CDMA, if an acquired company has got spectrum after paying administrative price," said a member of the EGoM. The M&A guidelines will now be sent to the Union Cabinet for its approval.
The ministers also agreed to increase the earlier-proposed 35 per cent cap on market share (in revenue, as well as user base) for merged entities in a circle to 50 per cent. However, if a merged entity breaches this 50 per cent ceiling in any circle, the companies will get a year to lower the share to below 50 per cent.
On the three-year lock-in period during which companies are not allowed to transfer equities, the ministerial panel decided to maintain the status quo for now. "This was in the Notice Inviting Applications (NIA) and the lock-in period will continue. The issue needs legal consultation," said the member. The matter is likely to be sent to the Attorney General of India for legal consultation.
The EGoM's decision, experts say, will benefit incumbent operators like Bharti Airtel and Vodafone.
If an incumbent telco acquires another incumbent operator, it will not have to pay for the 4.4 MHz GSM spectrum, or 2.5 MHz CDMA spectrum, the acquirer had got as part of its licence agreement. It will only have to pay market price for the spectrum being acquired. But, if a new operator - such as Telenor, which has already bought spectrum through auctions - decides to acquire an incumbent telco, it will have to pay market-determined price for the spectrum held by the company it is acquiring. On the other hand, if an incumbent operator buys a new operator, it will not have to pay anything for the spectrum it gets after acquisition.
"The price the acquirer will have to pay for spectrum might be a dampener. However, M&A activities are expected in the situations where an acquirer would not have to pay for spectrum," said Mohammad Chowdhury, partner & telecom industry leader, PricewaterhouseCoopers India.
The 50 per cent market share ceiling also gives incumbent operators more leeway to acquire other telcos; that would not have been possible under the 35 per cent rule.
Based on revenue market share, Bharti Airtel and Vodafone, the top two telcos in India as at the end of June 2013, together had more than 50 per cent share of the market in 15 of the 22 telecom circles. But, in terms of subscriber base, the two together exceeded 50 per cent market share in only three circles.
So, Bharti Airtel and Vodafone, if they were to merge, going by their revenues, a merger would not be possible in 15 circles (unless they are ready to bring the combined revenue market share down to less than 50 per cent within a year).
Going by market share in terms of both user base and revenues - where merged entities would not cross the 50 per cent threshold in any of the 22 circles - complete mergers are possible between Vodafone and Aircel, Idea Cellular and Aircel, Reliance Communications (RCom) and Aircel.
Had the government maintained the market share ceiling at 35 per cent for both revenue and user base, the possible merged entities would have exceeded the ceiling in most of these cases. For instance, the combined market share of Bharti Airtel and Vodafone exceeds 35 per cent in 21 circles by revenues and in 19 circles by subscriber base.
Cellular Operators Association of India (COAI) Director-General Rajan Mathews says: "With more spectrum being available in the 1,800-MHz band, operators are likely to shift their voice business in this band and use 900-MHz spectrum for LTE. I think we are happy. Also, the new M&A guidelines is likely to offer telcos the room to do some cherry picking."
According to a Department of Telecommunications (DoT) source, the value of the entire 403 MHz of spectrum at reserve price translate into Rs 36,000 crore. The additional spectrum the government auctions in January next year will come from the reserve that DoT has kept aside for refarming of 35 licences in the 21 circles that come for renewal between 2014 and 2016. As the government has decided to abolish reservation of spectrum for incumbent players, an additional 87.5 MHz of 1,800-MHz spectrum will be available for auction in January.
Besides, 27.8 MHz of 1,800-MHz spectrum is there in non-metro circles with the 15 telcos whose licences will be due for renewal between 2015 and 2016. These could also be auctioned. Earlier, DoT had said it would auction 285 MHz of spectrum in the 1,800-MHz band.
"The quantum available in an auction plays a very important role in determining fair price for spectrum, capacity of operators to pay for the quantum they acquire, quality of services, etc. The EGoM decision to increase the quantum will be very positive for the industry, as a lower availability of spectrum might have led to aggressive bidding by operators, who would have ended up paying very high price," said Hemant Joshi, partner, Deloitte Haskins & Sells.
CLEAR SIGNALS
Key EGoM decisions
M&A policy for telecom cleared
If an acquired firm has got spectrum at an administrative price, its acquirer will pay for its spectrum. Price to be the gap between market and administrative prices
The 3-yr period for which transfer of equity is barred will continue; the issue needs legal opinion
Market share of a merged entity should not exceed 50% in each circle. If it does, firms will have to bring it down below 50% in a year
Govt to auction 403 MHz of spectrum in 1,800-MHz band
Telcos to benefit: Incumbent ones like Bharti and Vodafone, which got spectrum bundled with licences at administrative prices
New Delhi: In a move likely to encourage consolidation in the telecom sector, an empowered group of ministers (EGoM) on Tuesday cleared the much-awaited final merger & acquisition (M&A) guidelines for the sector.
Also, in a happy surprise for operators, the EGoM decided to increase the quantum of 1,800-MHz spectrum to be put up for auctions in January to 403 MHz, an addition of 118 MHz, or 41.4 per cent, to what it had proposed earlier. The addition also means that an average 18 MHz of spectrum will be up for sale in each circle - enough for three to four operators.
"An acquirer will have to pay the differential between the auction-determined market price and the administrative price for anything beyond 4.4 MHz in the GSM band and 2.5 MHz in CDMA, if an acquired company has got spectrum after paying administrative price," said a member of the EGoM. The M&A guidelines will now be sent to the Union Cabinet for its approval.
The ministers also agreed to increase the earlier-proposed 35 per cent cap on market share (in revenue, as well as user base) for merged entities in a circle to 50 per cent. However, if a merged entity breaches this 50 per cent ceiling in any circle, the companies will get a year to lower the share to below 50 per cent.
On the three-year lock-in period during which companies are not allowed to transfer equities, the ministerial panel decided to maintain the status quo for now. "This was in the Notice Inviting Applications (NIA) and the lock-in period will continue. The issue needs legal consultation," said the member. The matter is likely to be sent to the Attorney General of India for legal consultation.
The EGoM's decision, experts say, will benefit incumbent operators like Bharti Airtel and Vodafone.
If an incumbent telco acquires another incumbent operator, it will not have to pay for the 4.4 MHz GSM spectrum, or 2.5 MHz CDMA spectrum, the acquirer had got as part of its licence agreement. It will only have to pay market price for the spectrum being acquired. But, if a new operator - such as Telenor, which has already bought spectrum through auctions - decides to acquire an incumbent telco, it will have to pay market-determined price for the spectrum held by the company it is acquiring. On the other hand, if an incumbent operator buys a new operator, it will not have to pay anything for the spectrum it gets after acquisition.
"The price the acquirer will have to pay for spectrum might be a dampener. However, M&A activities are expected in the situations where an acquirer would not have to pay for spectrum," said Mohammad Chowdhury, partner & telecom industry leader, PricewaterhouseCoopers India.
The 50 per cent market share ceiling also gives incumbent operators more leeway to acquire other telcos; that would not have been possible under the 35 per cent rule.
Based on revenue market share, Bharti Airtel and Vodafone, the top two telcos in India as at the end of June 2013, together had more than 50 per cent share of the market in 15 of the 22 telecom circles. But, in terms of subscriber base, the two together exceeded 50 per cent market share in only three circles.
So, Bharti Airtel and Vodafone, if they were to merge, going by their revenues, a merger would not be possible in 15 circles (unless they are ready to bring the combined revenue market share down to less than 50 per cent within a year).
Going by market share in terms of both user base and revenues - where merged entities would not cross the 50 per cent threshold in any of the 22 circles - complete mergers are possible between Vodafone and Aircel, Idea Cellular and Aircel, Reliance Communications (RCom) and Aircel.
Had the government maintained the market share ceiling at 35 per cent for both revenue and user base, the possible merged entities would have exceeded the ceiling in most of these cases. For instance, the combined market share of Bharti Airtel and Vodafone exceeds 35 per cent in 21 circles by revenues and in 19 circles by subscriber base.
Cellular Operators Association of India (COAI) Director-General Rajan Mathews says: "With more spectrum being available in the 1,800-MHz band, operators are likely to shift their voice business in this band and use 900-MHz spectrum for LTE. I think we are happy. Also, the new M&A guidelines is likely to offer telcos the room to do some cherry picking."
According to a Department of Telecommunications (DoT) source, the value of the entire 403 MHz of spectrum at reserve price translate into Rs 36,000 crore. The additional spectrum the government auctions in January next year will come from the reserve that DoT has kept aside for refarming of 35 licences in the 21 circles that come for renewal between 2014 and 2016. As the government has decided to abolish reservation of spectrum for incumbent players, an additional 87.5 MHz of 1,800-MHz spectrum will be available for auction in January.
Besides, 27.8 MHz of 1,800-MHz spectrum is there in non-metro circles with the 15 telcos whose licences will be due for renewal between 2015 and 2016. These could also be auctioned. Earlier, DoT had said it would auction 285 MHz of spectrum in the 1,800-MHz band.
"The quantum available in an auction plays a very important role in determining fair price for spectrum, capacity of operators to pay for the quantum they acquire, quality of services, etc. The EGoM decision to increase the quantum will be very positive for the industry, as a lower availability of spectrum might have led to aggressive bidding by operators, who would have ended up paying very high price," said Hemant Joshi, partner, Deloitte Haskins & Sells.
CLEAR SIGNALS
Key EGoM decisions
M&A policy for telecom cleared
If an acquired firm has got spectrum at an administrative price, its acquirer will pay for its spectrum. Price to be the gap between market and administrative prices
The 3-yr period for which transfer of equity is barred will continue; the issue needs legal opinion
Market share of a merged entity should not exceed 50% in each circle. If it does, firms will have to bring it down below 50% in a year
Govt to auction 403 MHz of spectrum in 1,800-MHz band
Telcos to benefit: Incumbent ones like Bharti and Vodafone, which got spectrum bundled with licences at administrative prices
Germany keen on Indian investments
Hyderabad: East Germany offers good prospects to Indian investors and is ideal for investments, according to Stefan Weckbach, Consul-General, German Consulate. Speaking at a meet on ‘Tapping Germany’s Business Potential: Opportunities for Indian Companies in Eastern Germany’ here, he said an increasing number of Indian companies were investing in East Germany. “East Germany has excellent infrastructure in the form of educational institutions, industrial research and development centres, etc. It is a fertile ground for investors,’’ he said. The bilateral trade between India and Germany stood at $17.6 billion in 2012. B. Ashok Reddy, President – Global HR, Infotech Enterprises Ltd, said after much consideration, his company chose Germany as the headquarters of its European operations. While acknowledging that there were cultural differences between India and Germany, Reddy said Infotech was organising frequent trips to India for its German workforce and vice versa for its Indian professionals. “We are also examining organic and inorganic approaches for growth in Germany,’’ he added.
Apollo Tyres closes $60-m deal with Sumitomo
New Delhi: Apollo Tyres Ltd has said it has closed a deal with Japan’s Sumitomo Rubber Industries to sell its South African business for $60 million.
According to a statement issued here, Sumitomo will take over Apollo Tyres South Africa, including the Ladysmith passenger car tyre plant and Dunlop brand rights in 32 African countries.
However, Apollo will retain the Durban plant, which produces truck and bus radial tyres and off- highway tyres that are used in the mining and construction industries.
Post deal, Apollo will continue to sell Apollo, Vredestein and Regal branded tyres in Africa, the company said.
Both companies will undertake contract manufacturing of their respective brands at each other’s facilities to have locally manufactured products available for the market.
The employees, retained by Apollo in South Africa, will work for the newly formed company, Apollo Durban (Pty) Ltd.
No job cuts
No jobs have been lost in the transaction. Apollo Tyres had first announced the deal in May this year.
The company’s shares ended at Rs 80.95 on the BSE, up 0.62 per cent from the previous close.
According to a statement issued here, Sumitomo will take over Apollo Tyres South Africa, including the Ladysmith passenger car tyre plant and Dunlop brand rights in 32 African countries.
However, Apollo will retain the Durban plant, which produces truck and bus radial tyres and off- highway tyres that are used in the mining and construction industries.
Post deal, Apollo will continue to sell Apollo, Vredestein and Regal branded tyres in Africa, the company said.
Both companies will undertake contract manufacturing of their respective brands at each other’s facilities to have locally manufactured products available for the market.
The employees, retained by Apollo in South Africa, will work for the newly formed company, Apollo Durban (Pty) Ltd.
No job cuts
No jobs have been lost in the transaction. Apollo Tyres had first announced the deal in May this year.
The company’s shares ended at Rs 80.95 on the BSE, up 0.62 per cent from the previous close.
Harley Davidson to export India-made Street 750 to Europe
une:India is the only country outside of the US to be making the new bike, which is built on the completely new “Street” platform. Also, it will be the first Harley Davidson product to be exported from the facility.
The first Harley Davidson member in the sub-Rs 5 lakh segment, the Street 750 is to be unveiled at the India Bike Week in Goa in early January, following which it will be showcased at the forthcoming Delhi Auto Expo.
Here last week to inaugurate HDI’s 11th dealership in India, Anoop Prakash, MD of HD India, said commercial deliveries of the Street 750 will begin by April or May next year. The Made-in-India bike will also be exported to Italy, Portugal and Spain. Total shipments of the model are pegged at 7,000-10,000 units.
HD will increase its investment in the Indian facility by around 35 per cent for assembling the Street 750
The first Harley Davidson member in the sub-Rs 5 lakh segment, the Street 750 is to be unveiled at the India Bike Week in Goa in early January, following which it will be showcased at the forthcoming Delhi Auto Expo.
Here last week to inaugurate HDI’s 11th dealership in India, Anoop Prakash, MD of HD India, said commercial deliveries of the Street 750 will begin by April or May next year. The Made-in-India bike will also be exported to Italy, Portugal and Spain. Total shipments of the model are pegged at 7,000-10,000 units.
HD will increase its investment in the Indian facility by around 35 per cent for assembling the Street 750
Garment exports to touch US$ 60 billion in next three years
Garment exports to touch US$ 60 billion in next three years
Press Information Bureau: December 03, 2013
New Delhi:Speaking on the Textile Conclave 2013, here today, Chairman, AEPC said that India’s garment exports would be touching 60 US $ billion in the next 3 years, with the help of Government support. Dr. Sakthivel identified shortfall of labour to be the biggest bottlenecks. Chairman AEPC informed that, “We are getting good orders and have won the confidence of buyers. As a brand India we are recognized everywhere but challenge is translating that leverage into the world textiles global hub.” We are looking for skilled people in large number to meet them. Definitely India will be number one in garment export. The one day Textiles Conclave 2013 is the organized by the Ministry of Textiles. The Union Textiles Minister inaugurated the conference in presence of Secretary Textiles Smt. Zohra Chatterji and stakeholders of the Textiles Industry.
Apparel exports grew to 31% for the month of October 2013. Export in dollar terms for April-Oct. of the FY 2013-14 has increased by 15.5 per cent over the same period of previous FY and reached to USD 8259 million however, in rupee terms exports increased by 26.18 per cent compared to same period of last FY.
Lauding the efforts of Textiles Minister Dr. K S Rao and Secretary Textiles, Smt Zohra Chatterji , Dr Sakthivel stated that, “Today’s Textiles conclave is the first conclave in the history of India. This is a mega platform where all stakeholders from the Textiles industry, including policy matters, industrialists and the Government, to usher the new era for the Indian Textiles Industry. The issues that were discussions and deliberations and sharing of prospective will surely fix the agenda of the textiles Industry. Bodies like NTC, SRTEPC, EPCH, TEXPROCIL. SIMA, CMAI
On the partnering OF Textiles Conclave with CNBC TV 18 for the Textiles conclave Chairman AEPC, stated that, there is also way to brand India through international media tie-ups and promotions.
Speaking on the Textiles Conclave 2013 Dr. K S Rao, the Union Textiles Minister stated that, I am happy to participate in the Textiles Conclave. This is the golden era of textiles in India and we have to work to make India hub of Textiles exports. I don’t think it’s difficult to achieve the number 1 position. We have the potential and capacity we need to just take care of skill training and power availability.
Delivering the inaugural address Secretary Textiles, Smt. Zohra Chatterji stated that, we are building road map to move forward. The planned schemes are ready and we are going full way to implement it. We have a strong raw material base, skilled workforce and stringent compliant standards. Top brands and retails are eyeing India as a sourcing destination. We have a large skill base to meet the growing burgeoning demand the women need s to work for the longer hours and our role is to make this possible.
The participants of AEPC also spoke of DISHA which is the program for ensuring compliance in the garment factories in India.
FDI proposals worth Rs 821.63 crore approved by the Government
New Delhi: Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on November 13, 2013, the Government of India has approved twelve (12) proposals of Foreign Direct Investment (FDI) amounting to Rs.821.63 crore approximately.
Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 13.11.2013
Following 12 (Twelve) proposals have been approved:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s H&M Hennes & Mauritz GBC AB To set up a WOS in India to undertake single brand retailing. 720.00
2 M/s Conrad Horler, Karnataka A Foreign citizen (NR) proposes to set up a multimedia LLP. 0.0045
3 M/s Hawco Petrofer LLP, Mumbai Induction of foreign equity in LLP engaged in the production of Speciality Chemical Products. 0.34 crore (approx.) (40000 Euro)
4 M/s Marketvistas Consumer Insights Pvt. Ltd., (Soniya Mahajani), Mumbai Investee company engaged in market research has sought post-facto approval for issuance of partly paid up shares to foreign investor. 1.24
5 M/s Dhanlaxmi Infrastructure Pvt. Ltd., Gujarat A NR company proposes to transfer its holding in an Indian Infrastructure company to its own group company before the completion of the 3 year lock-in-period. No fresh inflow
6 Mr. Jobair Hasan Chowdhury and Ms. Tasneem Ahmed, Bangladesh Two Bangladesh nationals propose to set up a bakery company. 0.50
7 M/s Green Destinations Holdings, Mauritius NR to NR transfer of shares before the expiry of lock-in period. Nil
8 M/s Mantri Technology Constellations Pvt. Ltd., Bangalore Relaxation in the lock in period is requested for NR to NR transfer among group companies of the FCDs in an Indian construction company Nil
9 M/s Bay Capital Investment Ltd, Mauritius Acquisition of shares in a listed Indian Company which is the Core Investment Company of a leading infrastructure developing group of companies. 100.00
10 M/s Viacom 18 Media Pvt. Ltd. Deletion of one the conditions in its FIPB approval given to M/s Viacom 18 is engaged in the activities of broadcasting non-news and non-current affairs television channels. Nil
11 M/s GPX India Private Limited, Maharashtra Guidance on compounding with regard to issue equity shares to the Foreign Collaborator against import of capital goods/ equipment/ machinery. No fresh inflow
12 M/s Univan Ship Management India Pvt. Ltd., Mumbai Issue of equity shares against transfer of immovable assets of the Indian Liaison Office in India. Nil
2. The following 4 (Four) proposals have been deferred:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s GETCO Asia Pte. Ltd., Singapore To set up a downstream wholly owned subsidiary of its Indian WOS primarily to engage in commodity broking.
2 M/s P5 Asia Holding Investments (Mauritius) Limited, Mauritius The applicant, a NR entity proposes to purchase 50% of the shares in an existing broadcasting company with 100% FDI, from another existing NR investor.
3 M/s Veriant Systems (India) Pvt. Ltd. To undertake cash and carry wholesale trading and export trading in respect of only Enterprise Intelligence Systems (EIS) and Video Intelligence Systems (VIS) products related to telecom and defence, without any condition of seeking prior approval before making every sale.
4 M/s Gastaad Hotels Pvt. Ltd. Post facto approval for issue of partly paid up shares to the foreign investor.
3. The following 4 (Four) proposals have been rejected:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s Astonfield Renewables Pvt. Ltd. A consultancy company is seeking post facto approval for downstream investments for which approval was required at the material time.
2 M/s Barefoot Resorts & Leisure India Pvt. Ltd., Chennai Post facto approval for issuance of partly paid up shares to carry out the business of leisure tourist resorts both on wholesome basis and on time share basis.
3 M/s Veritas (India) Limited Post facto approval has been sought for the issue of warrants. The company is engaged in the business of import, export, trading and distribution of metals and chemical products, power generation.
4 M/s Security International Services India Pvt. Ltd., Delhi A Security Services Company to give 49% ownership to a foreign company, by a way of fresh issue of shares
4. The following 1 (One) proposal has been withdrawn from the agenda:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s CGP India Investments Ltd. To increase foreign equity participation from 64.38% to 100% in an Indian company engaged in the telecom sector.
5. The following 1 (One) proposal has been withdrawn by the applicant:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s UMB Medica India Pvt. Ltd. To change its control and ownership by transfer of shares from NR to NR.
6. Decision in the following 1 (One) proposal has been kept in abeyance:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (` In crore)
1 M/s Holcim (India) Pvt. Ltd. Acquisition of shares and subsequent reverse merger. Nil
Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 13.11.2013
Following 12 (Twelve) proposals have been approved:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s H&M Hennes & Mauritz GBC AB To set up a WOS in India to undertake single brand retailing. 720.00
2 M/s Conrad Horler, Karnataka A Foreign citizen (NR) proposes to set up a multimedia LLP. 0.0045
3 M/s Hawco Petrofer LLP, Mumbai Induction of foreign equity in LLP engaged in the production of Speciality Chemical Products. 0.34 crore (approx.) (40000 Euro)
4 M/s Marketvistas Consumer Insights Pvt. Ltd., (Soniya Mahajani), Mumbai Investee company engaged in market research has sought post-facto approval for issuance of partly paid up shares to foreign investor. 1.24
5 M/s Dhanlaxmi Infrastructure Pvt. Ltd., Gujarat A NR company proposes to transfer its holding in an Indian Infrastructure company to its own group company before the completion of the 3 year lock-in-period. No fresh inflow
6 Mr. Jobair Hasan Chowdhury and Ms. Tasneem Ahmed, Bangladesh Two Bangladesh nationals propose to set up a bakery company. 0.50
7 M/s Green Destinations Holdings, Mauritius NR to NR transfer of shares before the expiry of lock-in period. Nil
8 M/s Mantri Technology Constellations Pvt. Ltd., Bangalore Relaxation in the lock in period is requested for NR to NR transfer among group companies of the FCDs in an Indian construction company Nil
9 M/s Bay Capital Investment Ltd, Mauritius Acquisition of shares in a listed Indian Company which is the Core Investment Company of a leading infrastructure developing group of companies. 100.00
10 M/s Viacom 18 Media Pvt. Ltd. Deletion of one the conditions in its FIPB approval given to M/s Viacom 18 is engaged in the activities of broadcasting non-news and non-current affairs television channels. Nil
11 M/s GPX India Private Limited, Maharashtra Guidance on compounding with regard to issue equity shares to the Foreign Collaborator against import of capital goods/ equipment/ machinery. No fresh inflow
12 M/s Univan Ship Management India Pvt. Ltd., Mumbai Issue of equity shares against transfer of immovable assets of the Indian Liaison Office in India. Nil
2. The following 4 (Four) proposals have been deferred:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s GETCO Asia Pte. Ltd., Singapore To set up a downstream wholly owned subsidiary of its Indian WOS primarily to engage in commodity broking.
2 M/s P5 Asia Holding Investments (Mauritius) Limited, Mauritius The applicant, a NR entity proposes to purchase 50% of the shares in an existing broadcasting company with 100% FDI, from another existing NR investor.
3 M/s Veriant Systems (India) Pvt. Ltd. To undertake cash and carry wholesale trading and export trading in respect of only Enterprise Intelligence Systems (EIS) and Video Intelligence Systems (VIS) products related to telecom and defence, without any condition of seeking prior approval before making every sale.
4 M/s Gastaad Hotels Pvt. Ltd. Post facto approval for issue of partly paid up shares to the foreign investor.
3. The following 4 (Four) proposals have been rejected:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s Astonfield Renewables Pvt. Ltd. A consultancy company is seeking post facto approval for downstream investments for which approval was required at the material time.
2 M/s Barefoot Resorts & Leisure India Pvt. Ltd., Chennai Post facto approval for issuance of partly paid up shares to carry out the business of leisure tourist resorts both on wholesome basis and on time share basis.
3 M/s Veritas (India) Limited Post facto approval has been sought for the issue of warrants. The company is engaged in the business of import, export, trading and distribution of metals and chemical products, power generation.
4 M/s Security International Services India Pvt. Ltd., Delhi A Security Services Company to give 49% ownership to a foreign company, by a way of fresh issue of shares
4. The following 1 (One) proposal has been withdrawn from the agenda:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s CGP India Investments Ltd. To increase foreign equity participation from 64.38% to 100% in an Indian company engaged in the telecom sector.
5. The following 1 (One) proposal has been withdrawn by the applicant:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s UMB Medica India Pvt. Ltd. To change its control and ownership by transfer of shares from NR to NR.
6. Decision in the following 1 (One) proposal has been kept in abeyance:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (` In crore)
1 M/s Holcim (India) Pvt. Ltd. Acquisition of shares and subsequent reverse merger. Nil
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